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Royal Dutch Shell suffered a slump in profits in 2020 as the Covid-19 pandemic hit the global oil and gas industry.
The company reported total revenues in 2020 of $180.5 billion, down 47% on 2019's figure of $344.8 billion, a reflection of lower oil prices and reduced production because of hurricanes in the Gulf of Mexico and restrictions put in place by OPEC.
Ben van Beurden, the chief executive officer of Royal Dutch Shell, said: 'The virus also wreaked havoc with the global economy, dramatically suppressing energy demand. Our income went from $16.4 billion in 2019 to a loss of $21.5 billion in 2020, which included non-cash impairments of $28.1 billion.'
He added that in April, with oil prices falling rapidly, Shell took 'swift, decisive action to preserve cash and stay resilient'.
Mr van Beurden said: 'We rebased the dividend, lowering it by 66%. In October, with global energy demand looking more robust, we raised the dividend by 4% and signalled our intention to have annual dividend increases, subject to Board approval.'
Despite the unprecedented challenges, Shell delivered cash flow from operating activities of $34.1 billion in 2020, compared with $42.2 billion in 2019.
The company has proposed a dividend per share of $0.65 for 2020.
The board of directors has appointed Sir Andrew Mackenzie as the company chair with effect from the 2021 AGM scheduled for May 18, 2021.
Mr Mackenzie will succeed Chad Holiday who will step down on May 18 having served as chair for six years and as a board director since September 2010.